App for stock trading Robinhood confirmed on Friday that company-wide job cuts had affected its Charlotte office, which the fintech firm opened last year. The company announced on Tuesday that it would lay off about 9% of its nearly 3,800 employees, or approximately 340 people. Co-founder and CEO Vlad Tenev stated in a company blog post that the company hired too many people during the pandemic. According to Tenev, the company increased its workforce by nearly sixfold between 2020 and 2021.

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